§ 4647 - Payment or refunding of notes - Vermont Statutes

§ 4647. Payment or refunding of notes

The bank may from time to time issue its notes under this chapter and pay and retire or fund or refund the notes from proceeds of bonds or of other notes, or from any other funds or moneys of the bank available for that purpose in accordance with any contract between the bank and the holders of the notes. Unless provided otherwise in any contract between the bank and the holders of notes, and unless the notes are otherwise paid, funded or refunded, the proceeds of any bonds of the bank issued among other things, to fund any outstanding notes, shall be held, used and applied by the bank to the payment and retirement of the principal of the notes and the interest due and payable thereon. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970.)